The Nation Newspaper

Tag: National Bureau of Statistics (NBS)

  • Banks recover N496b debts in Q2

    Indications are that the deposit money banks in the country may have recovered over N496billion at the end of the second quarter.

    According to the banking sector report released by the National Bureau of Statistics (NBS), non-performing loans dropped to a record N1.44 trillion in the second quarter of 2019.

    Specifically, banks debts dropped to a 4-year low of N1.44 trillion in Q2 2019 from N1.93 trillion.

    The latest NBS report shows that total gross loans in Nigerian banks currently stand at N15.4 trillion as at the end of June 2019. According to the report, the percentage of non-performing loans to the total loan dropped to a single digit of 9.30%.

    The latest drop in non-performing loan to a single digit makes it the first time percentage of non-performing loans to total gross loans dropped to a single digit since the fourth quarter of 2015.

    A further breakdown shows that huge drop in non-performing loans was recorded in oil and gas, real estate sector, information and communication, transportation and storage.

    Specifically, in terms of value, the oil sector, which controls the biggest NPLs across sectors, dropped by N193 billion at the end of June. The real estate sector ranks second declining by N96.4 billion.

    Other major sectors with drop in NPFLs include information and communication (N47 billion), finance and insurance (N31.45 billion), transportation and storage (N41.7 billion).

    However, the major sector that recorded rise in NPLs is power and energy with a 34% rise amounting to N19.7 billion.

    In Nigeria, NPLs represent one of the most serious liquidity challenges facing the Nigerian banking sector. Bank loans are regarded as regarded as risk assets because the monies advanced as loans by the banks belong to depositors. The risk arises in the event of massive defaults and makes it difficult for depositors’ monies to be available on demand.

    The huge NPLs profile in Nigeria has been a major source of concern as this largely threatens the country’s financial sector. Due to growing concerns, President Muhammadu Buhari recently signed a new Act that gives the Asset Management Corporation of Nigeria (AMCON) more power to enforce recovery of debt from prominent Nigerians and corporate organisations.

    The drop in the NPLs was from the oil sector and this may be traceable to the recent policy move by the Central Bank of Nigeria (CBN).

    In recent times, AMCON in partnership with the Economic and Financial Crimes Commission (EFCC) have been a premeditating clamp down on individuals and banks on issues surrounding the non-performing loan which has continued to linger.

    Recall that the details of the new AMCON law empowers the corporation to access bank accounts, computer system component, electronic or mechanical device of any debtor with a view to establishing the location of funds belonging to the debtor.

    AMCON recently announced the take-over of two steel firms in Abuja and Calabar and other businesses. To further clamp down on the defaulters, the Federal Government has also set up an inter-agency committee for the purpose of recovering the debt owed to AMCON.

  • ‘ICT may displace oil, gas’

    THE Minister of Communications, Dr Ibrahim Pantami has said the contribution of the information communication technology (ICT) may displace that of the oil and gas sector in two years’ time if the tempo of its growth is sustained.

    He said going by the figures released recently by the National Bureau of Statistics (NBS) that ICT was adding 13.8 per cent to the nation’s gross domestic product (GDP), the figure is mostly likely to outpace that of oil and gas sector.

    Pantanmi spoke on Monday at the ongoing session of the International Telecommunications Union (ITU Telecom World 2019) in Budapest, Hungary.

    Pantami said the government wants to sustain the steady growth of ICT in the country hence the need to attend events like these, which will enable delegates network and get the best ideas “and when we return home we put all of them to work towards the development of our country”.

    Pantanmi commended the Nigerian Communications Commission (NCC) for successfully putting together the country’s participation and urged the delegates “to maximise the opportunity provided by the attendance by thinking global and acting local’’.

    Read Also: Ogun govt inaugurates ICT hub

    “I want to thank the NCC for organising the Nigeria’s participation to this very important event. The effort is highly commendable. We hope the tempo will be sustained.

    “I’ve been saying it and I’ll repeat it again that the future of the world is in the ICT. It is a privilege to be part and parcel of this sector and at the same time to be with the stakeholders of the ICT in Nigeria,” he said.

     

  • NBS, SMEDAN survey shows 41.5m MSMEs in Nigeria

    THE Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) in collaboration with the National Bureau of Statistics (NBS) has released the 2017 Micro Small and Medium Enterprises (MSMEs) survey showing 41.5 million operators in the country.

    Speaking yesterday at the unveiling of the survey in Lagos,   SMEDAN Director-General, Umaru Dikko Radda, said the report has become an invaluable compendium on the state of the MSMEs sub-sector in the country.

    He said the setting up of SMEDAN in 2013 was government’s major response to tackling the problems of MSMEs in a co-ordinated fashion.

    “With a mandate to promote the development the SMEs sub-sector of the Nigerian economy, SMEDAN assumed the twain roles of coordination and facilitation as the apex agency for MSMEs development. With an estimated 3.33 million enterprises in 2017, Lagos not only leads in total enterprise numbers but but in each of the three enterprise classes- micro, small and medium,” he said.

    He also called on government to establish MSMEs bank and make loan access by small business easier.

    Also speaking, Statistician General of the Federation, Yemi Kale said MSMEs play a significant role as the engine for economic transformation and industrialization for both developed and developing countries.

    Such roles, he said, include improved income re-distribution (low level capital required), job creation & skills development (particularly for youth, women, elderly), adoption of technology & innovation (competitiveness), industrial diversification, stimulates local economy (demand down the value chain).

     

     

  • Zamfara residents pay highest bus fare – NBS

    The National Bureau of Statistics (NBS) said residents of Zamfara State paid the highest bus fare of N305.00 within city in April, 2019.

    Residents of the state also paid highest bus journey of N308. 57 in March.

    The NBS said this in its Transport Fare Watch for April, 2019 report published on its website.

    The bureau said the residents of Cross River were the second highest with N284.00 followed by Abuja that paid N280.00 per bus fare in the month under review.

    The report said the states with lowest bus journey fare within city were Sokoto (N132.00), Abia (N130.70) and Bauchi (N95.00).

    The transport fare watch covered the following categories: bus journey within the city per drop on regular routes; intercity bus journeys and state routes as well as charge per person.

    It also covered air fare charge for specified routes per journey; journey by motorcycle (Okada) per drop and waterway passenger transport.

    According to the report, average fare paid by commuters for bus journey within the city decreased by 0.07 per cent month-on-month and increased by 9.22 per cent year-on-year to N181.24 in April from N181.36 in March.

    Also, the report said average fare paid by commuters for bus journey intercity increased by 0.77 per cent month-on-month and decreased by -6.88 per cent year-on-year to N1,604.36 in April from N1,592.07 in March.

    Read Also: Price of imported rice drops in March – NBS

    It, however, said states with highest bus fare intercity were Abuja (N4,050), Borno (N2,550) and Adamawa (N2,400) while States with lowest intercity bus fare were Bayelsa (N1,000.50), Bauchi (N985.00) and Enugu (N945.00).

    In addition, it said average fare paid by air passengers for single journey increased by 0.33 per cent month-on-month and decreased by -3.49 per cent year-on-year to N30,721.19 in April from N30,620.19 in March.

    The bureau said states with highest air fare were Abuja (N35,500), Kwara (N35,150) and Jigawa (N35,050) while States with lowest air fare were Katsina (N25,500), Nasarawa (N25,400) and Oyo (N25,200).

    It said average fare paid by commuters for journey by motorcycle per drop increased by 0.01 per cent month-on-month and 9.46 per cent year-on-year to N116.30 in April from N116.29 in March.

    According to the bureau, states with highest journey fare by motorcycle per drop are Ondo (N191.00), Rivers (N190.00) and Ogun (N188.00).

    It, however, said states with lowest journey fare by motorcycle per drop were Kebbi (N60.00), Adamawa (N55.00) and Jigawa (N55.00).

    Field work for the report was done by over 700 NBS staff in all states of the federation supported by supervisors who were monitored by internal and external observers.

    Fuel prices were collected across all the 774 Local Government Areas (LGAs) across all states and the FCT from over 10,000 respondents and locations.

    It reflected actual prices households said they actually bought those fuel together with the prices reportedly sold by the fuel suppliers.

    The average of all these prices was then reported for each state and the average for the country is the average for the state.

    NAN

     

  • Economy up 2.01 per cent in Q1 2019

    The Gross Domestic Product (GDP) grew by 2.01 per cent (year-on-year), in real terms, in the first quarter of this year, a report by the National Bureau of Statistics (NBS) released on Monday has shown.

    The first quarter 2019 growth rate represented an increase of 0.12 per cent points when compared to first quarter 2018 which recorded real GDP growth rate of 1.89 per cent.

    However, the real GDP growth rate declined by -0.38 per cent points when compared to fourth quarter 2018 when the growth rate was 2.38 per cent.

    Read Also: Nigeria, not an oil producing economy

    “Aggregate GDP stood at N31,794,085.85 million in nominal terms. This aggregate was higher than in the first quarter of 2018 which recorded N28,438,604.23 million, representing a year on year nominal growth rate of 11.80 per cent,” he said.

    The report said  aggregate was, however, lower than in the preceding quarter of N35,230,607.63 million, by -9.75 per cent. The nominal GDP growth rate in first quarter of 2019 was higher than the rate recorded in first quarter 2018 by 2.54 per cent  points.

  • FAAC disburse N1.92 trn to three tiers of govt. in 1st quarter – NBS

    The Federation Account Allocation Committee (FAAC) has disbursed N1.92 trillion to three tiers of government in first quarter of 2019, according to the National Bureau of Statistics (NBS).

    The NBS said this in FACC monthly allocation for January, February and March, 2019 Disbursement statistics published on its website and analysed by the News Agency of Nigeria (NAN) on Monday in Abuja.

    The bureau said FAAC disbursed N649.19 billion to the three tiers of government in January, 2019; N660.37 billion in February while the sum of 619.86 was distributed to the three tiers in March.

    Out of the N1.92 trillion, the Federal Government got N803.18 billion in the quarter, states received N530.14 billion while the local governments received N398.43 billion.

    The breakdown showed that the federal government received N270.17 billion in January, N275.33 billion in February and N257.68 billion in March.

    States received N178.04 billion in January, N182.17 billion and N169.93 in March while the local governments received N133.83 billion in January, N136.88 billion and N127.72 billion in March.

    In addition, the report said the amount disbursed in January comprised N547.46 billion from the Statutory Account, N100.76 billion from Valued Added Tax (VAT) and N976.53 million exchange gain differences.

    The sum of N45.36 billion was shared among the oil producing states as 13 per cent derivation fund in the month.

    Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N4.69 billion, N4.04 billion and N8.04 billion respectively as cost of revenue collections.

    Further breakdown of revenue allocation distribution to the federal government revealed that the sum of N216.57 billion was disbursed to the federal government’s consolidated revenue account.

    In addition, N4.81billion was disbursed as share of derivation and ecology and N2.43 billion as stabilization fund.

    Read Also: Inflation drops by 0.06 % in March – NBS

    Also, N8.15 billion was shared for the development of natural resources and N5.82 billion to the Federal Capital Territory (FCT), Abuja.

    For February, the report said the amount disbursed comprised N497.12 billion from the Statutory Account; N104.47 billion from Valued Added Tax (VAT) and N8.12 billion as excess charges recovered.

    According the report, the sum of N50 billion was distributed as FOREX Equalisation Fund and N654.70 million as exchange gain differences.

    The sum of N48.49 billion was shared among the oil producing states as 13 per cent derivation fund in February.

    Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N5.66 billion, N7.62 billion and N4.07 billion as cost of revenue collections.

    Further breakdown of revenue allocation distribution to the Federal Government of Nigeria revealed that the sum of N221.33 billion was disbursed to the Federal Government consolidated revenue account.

    In addition, N4.94 billion was disbursed as share of derivation and ecology and N2.47 billion as stabilisation fund.

    Also, N8.30 billion was shared for the development of natural resources and N5.90 billion to the Federal Capital Territory (FCT) Abuja.

    In March, the report said the amount disbursed comprised of N474.42 billion from the Statutory Account, N96.39 billion from Valued Added Tax (VAT), N4.02 billion as excess bank charges recovered.

    According to the report, N44.17 billon was distributed as FOREX Equalisation Fund and N858.46 million as exchange gain differences.

    The sum of N50.95 billion was shared among the oil producing states as 13 per cent derivation fund in the month.

    Revenue generating agencies such as Nigeria Customs Service (NCS), Federal Inland Revenue Service (FIRS) and Department of Petroleum Resources (DPR) received N3.91 billion, N6.49 billion and N3.19 billion as cost of revenue collections.

    Further breakdown of revenue allocation distribution to the Federal Government of Nigeria revealed that the sum of N203.04 billion was disbursed to the Federal Government consolidated revenue account.

    In addition, N4.63 billion was disbursed as share of derivation and ecology; N2.31 billion as stabilization fund.

    Also, the sum of N7.77 billion was shared for the development of natural resources and N5.52 billion to the Federal Capital Territory (FCT) Abuja in March.

    NAN

     

  • Nigeria’s inflation rate hits 11.31% in February – NBS

    The National Bureau of Statistics (NBS), says the Consumer Price Index (CPI) which measured inflation decreased to 11.31 per cent (year-on-year) in February from 11.37 per cent recorded in January.

    The NBS made this known in its “CPI and Inflation Report’’ for February released in Abuja on Friday on its website.

    The bureau said the figure was 0.06 per cent points lower than the 11.37 recorded in January in the period under review.

    It said the increases were recorded in all Classification of Individual Consumption by Purpose (COICOP) divisions that yielded the Headline index.

    On a month-on-month basis, it said the headline index decreased to  0.73 per cent in the period under review by 0.01 per cent points from 0.74 per cent recorded in January.

    It said the percentage change in the average composite CPI for the 12 months period ended December over the average of CPI for the previous 12 months period.

    It, however, measured the CPI at 11.56 per cent in the period under review, indicating a 0.24 per cent decline from 11.80 per cent recorded in January.

    Read Also: NBS: Nigeria earns N808b from VAT

    The bureau said the urban inflation rate decreased to 11.59 per cent (year-on-year) from 11.66 per cent recorded in January of the same year.

    It said the rural inflation rate also decreased to 11.05 per cent in February from 11.11 per cent recorded in January.

    According to the NBS, the CPI measures the average change over time in prices of goods and services consumed by people for day-to-day living.

    It said the construction of the CPI combines economic theory, sampling and other statistical Techniques, using data from other surveys to produce a weighted measure of average price changes in the Nigerian economy.

    It added that the production of the CPI requires skills of economists, statisticians, computer scientists, data collectors and others.

    NAN

     

  • NBS: manufacturing generates N864b in VAT

    The  manufacturing sector contributed about N864 billion of the N3.63 trillion generated as Value Added Tax (VAT) from 2013 to 2018, National Bureau of Statistics (NBS) reported has indicated.

    The agency, which stated this in its latest report titled: Sectoral Distribution of VAT in Q4, 2018 reported that the sector’s contribution represented 24 per cent of the total VAT generated within the six-year period.

    An analysis of the VAT accruals on yearly collection basis showed that N481.5 billion was collected by the Federal Inland Revenue Service (FIRS)  in 2013 compared to the N493.9 billion generated in 2014.

    In 2015, the report indicated that N759.4 billion was raked in by the Service from the revenue source while N777.51 billion was collected as VAT by it in 2016. The NBS reported N972.35 billion VAT accrual in 2017 and N1.10 trillion in 2018.

    According to the official statistics producing and reporting agency, the manufacturing sector has eight sectoral activities among the 28 sectoral categories from which the N864 billion VAT derived.

    The report listed the manufacturing sector’s sectoral activities as automobiles and assemblies, breweries, bottling and beverages; as well as chemicals, paints and allied industries. Others are, other manufacturing, petrochemical and petroleum refineries; pharmaceutical, soaps and toiletries; publishing, printing and paper packaging; and textile and garment industries.

    A further breakdown of the real sector’s VAT in the six-year period on sector by sector basis showed that the automobiles and assemblies contributed N8,691,597,713.42; breweries, bottling and beverages generated N192,028,180,262;  and chemicals, paints and allied industries raked in N6,989,648,842.73.

    Other manufacturing contributed N597,005,133,563, while petrochemical and petroleum refineries raked in N37,013,858,414.6, and pharmaceutical, soaps and toiletries provided N7,131,243,714.78 to the VAT collections.

    In addition, publishing, printing, paper packaging contributed N9,685,665,303.04,  while textile and garment industry generated N5,501,007,456.24 to the VAT in the six-year p

  • Capital imports to Nigeria rise to $16.8b

    The value of capital imported into Nigeria rose 37.5 per cent to $16.8 billion last year, data  from the National Bureau of Statistics (NBS) showed yesterday.

    Much of this huge cash was spent on equities in the country, the NBS data indicated.

    The National Bureau of Statistics (NBS) yesterday said $10.43 billion of the headline cash went into equities and equity-related investment, with Britain topping the list of countries from which the funds came.

    Analysts said foreign funds have tentatively started to pick up shares on the Lagos bourse to position for a rally once the election is over.

    The country heads for a presidential election on Saturday. The vote is expected to be tight between President Muhammadu Buhari and Atiku Abubakar, a former vice president. More than 60 other candidates are running, but they are seen as having little chance of winning.

    Buhari has made rejuvenating the economy a key issue, hoping his record can secure him a second four-year term. Abubakar has touted pro-business policies, including floating Nigeria’s currency, the naira.

    Capital imports into Nigeria fell from a peak of $21.32 billion six years ago to $5.12 billion in 2016 as investment dried up in the wake of a currency restriction and recession in the country.

    NBS said fourth-quarter capital imports stood at $2.14 billion, down 60.2 per cent from the same quarter a year earlier.

  • Nigeria’s inflation rate drops in October – NBS

    The National Bureau of Statistics (NBS) says the Consumer Price Index (CPI), which measured inflation for October decreased to 0.74 per cent (month-on-month) from 0.83 per cent recorded in September.

    The NBS disclosed this in its “CPI and Inflation Report” for October released in Abuja on Wednesday.

    According to the Bureau, the figure is 0.09 per cent points less than the rate recorded in September.

    It said that the percentage change in the average composite CPI for the 12 months period ended October over the average of CPI for the previous 12 months period.

    It however measured the CPI at 12.78 per cent in the period under review from 13.55 per cent recorded in September.

    Read Also: NBS insists Nigeria out of recession

    It said the urban inflation rate decreased to 11.64 percent (year-on-year) in October from 11.70 per cent recorded in September.

    It further said that the rural inflation rate increased by 10.93 per cent in October from 10.92 per cent recorded in September.

    On a month-on-month basis, the NBS said the urban index decreased to 0.76 per cent in October, from 0.86 per cent recorded in September.

    “The rural index also rose by 0.72 per cent in October, down from the rate recorded in September (0.82) per cent.’’

     

    NAN